TCS Q3 Results LIVE Updates: IT Behemoth's Shares Hold Gains; Dividend, Attrition In Focus

Sector-wise performance is expected to be mixed, with BFSI demand remaining a core focus area. Commentary on financial services clients, spending priorities and project scopes will be keenly tracked.

Beyond BFSI, analysts will look for updates on communications, media and other large verticals where activity may be stabilising. Signs of reduced deferrals could indicate a gradual normalisation in client behaviour.

The company’s ability to navigate uneven sector demand will be central to its near-term growth narrative.

Deal wins are expected to land within a wide band, keeping investors focused on pipeline strength rather than a single headline number. The composition of wins, their geography and ramp-up timelines may offer more insight into demand conditions than the absolute value.

Analysts are looking for clarity on whether recent deal closures are translating into executable revenue or remaining delayed. Any colour on client decision cycles and contract tenures will be important.

This commentary could help markets gauge whether growth visibility is improving or merely stabilising.

Beyond the headline numbers, the market is expected to dissect management’s outlook on calendar year 2026 budgets and client spending priorities. Analysts are keen to hear whether enterprises are reopening discretionary tech spends or continuing to adopt a wait-and-watch approach.

Updates on artificial intelligence adoption, efficiency-led spending and the impact of restructuring efforts on margins will be key. Commentary on visa costs, offshore mix and pricing discipline could also shape expectations for the coming quarters.

With deal wins expected to stay within a broad range, the tone of management commentary may prove more important than the numbers themselves in setting direction for IT stocks.

The BSNL ramp-down remains a key overhang for revenue growth, with no expected contribution to topline expansion in the December quarter. Analysts are instead focused on management’s commentary around the timeline for the next phase of execution and how it could influence growth going forward.

At the same time, wage hikes implemented during the quarter are expected to weigh on margins, particularly due to the timing and duration of the increase. How the company offsets this through utilisation, headcount optimisation and currency movements will be a central theme.

Any guidance on cost structure adjustments or one-off items linked to employee restructuring will be closely analysed.

While near-term growth remains modest, analysts see early signs that deal execution could stabilise in key verticals. Expectations are centred on international markets, particularly North America and Europe, with limited contribution from large domestic contracts during the quarter.

Constant currency growth is projected to stay below 1%, reflecting cautious client spending and delayed decision-making. That said, commentary around deal pipelines, deal conversion timelines and sector-specific trends will be critical for understanding whether growth could improve in the coming quarters.

Investors will be listening for updates on demand trends in BFSI and communications, as well as clarity on whether delays and deferrals have begun to ease.